Tax regime of payments made under the Guarantee Sample Clauses

Tax regime of payments made under the Guarantee. [In light of the operational arrangement described in Exhibit B to the Supplemental Indenture], income payments in respect of the Guarantee would fall under the scope of Law 10/2014 and, therefore, the tax treatment applicable will be that described in paragraph 7 above. In the event that the Notes are not listed on a regulated market, multilateral trading facility or other organized market on any Interest Payment Date (as defined in the Prospectus Supplement) or on any redemption date, Law 10/2014 will not apply to the Notes and consequently, such income payments will be subject to the tax treatment described in paragraph 8 above. However, non-Spanish tax resident beneficial owners who do not operate with respect to the Notes through a permanent establishment in Spain may take the position that income payments in respect of the Guarantee should be characterised as an indemnity Exhibit D to the Underwriting Agreement - 7 under Spanish law and, hence, should have been made free of withholding or deduction on account of any Spanish tax. In such a case, these beneficial owners should apply directly to the Spanish tax authorities for any refund to which they may be entitled.